China'S Manufacturing Purchasing Managers Index (PMI) In July 2021 Was 50.4%

I. operation of purchasing manager index of China's manufacturing industry

In July, the purchasing manager index (PMI) of China's manufacturing industry was 50.4%, lower than 0.5% of the previous month, and it continued to be above the critical point. The manufacturing industry as a whole continued to maintain the momentum of expansion, but the pace slowed down.

From the perspective of enterprise scale, the PMI of large enterprises was 51.7%, which was the same as that of last month and continued to be higher than the critical point; The PMI of medium-sized enterprises was 50.0%, 0.8 percentage points lower than the previous month, which was at the critical point; The PMI of small enterprises was 47.8%, 1.3 percentage points lower than that of the previous month, lower than the critical point.

From the perspective of sub index, among the five sub indexes of manufacturing PMI, production index and new order index are higher than the critical point, while raw material inventory index, employee index and supplier delivery time index are all lower than the critical point.

The production index was 51.0%, down 0.9 percentage points from the previous month, higher than the critical point, indicating that the expansion of manufacturing production has been weakened.

The index of new orders was 50.9%, down 0.6% from the previous month, higher than the critical point, indicating that the growth of manufacturing market demand slowed down.

The inventory index of raw materials was 47.7%, down 0.3 percentage points from the previous month, which was lower than the critical point, indicating that the inventory of main raw materials in the manufacturing industry decreased compared with the previous month.

The employment index was 49.6%, up 0.4% from the previous month, indicating that the employment situation of manufacturing enterprises continued to improve.

The supplier delivery time index was 48.9%, 1.0% higher than the previous month, lower than the critical point, indicating that the delivery time of raw material suppliers in the manufacturing industry has been extended.

2. Operation of purchasing manager index of China's non manufacturing industry

In July, the non manufacturing business activity index was 53.3%, slightly lower than 0.2% of the previous month, and continued to be higher than the critical point, indicating that the non manufacturing industry as a whole maintained a stable expansion.

By industry, the business activity index of the construction industry was 57.5%, lower than 2.6 percentage points of the previous month. The business activity index of the service industry was 52.5%, 0.2 percentage points higher than that of the previous month. In terms of the industry situation, the business activity index of water transportation, telecommunication, radio and television, satellite transmission service, capital market service and other industries is in the high prosperity range of more than 60.0%; The business activity index of other industries such as finance, real estate and resident service is below the critical point.

The index of new orders was 49.7%, a slight increase of 0.1 percentage points over the previous month, still below the critical point, indicating that the decline in non manufacturing market demand slightly narrowed. In terms of industries, the index of new orders in the construction industry was 50.0%, down 1.2 percentage points from the previous month; The index of new orders in the service sector was 49.7%, up 0.3 percentage points from the previous month.

The input price index was 53.5%, 0.1% higher than the previous month, which was higher than the critical point, indicating that the price of inputs used by non manufacturing enterprises for business activities increased slightly compared with the previous month. In terms of industries, the price index of construction inputs was 57.1%, up 5.4 percentage points over the previous month; The service industry input price index was 52.8%, down 0.9 percentage points from the previous month.

The sales price index was 51.3%, slightly down 0.1% from the previous month, which was higher than the critical point, indicating that the increase of sales price in non manufacturing industry was slightly narrowed. In terms of industries, the sales price index of the construction industry was 52.9%, up 0.9% over the previous month; The sales price index of the service industry was 51.1%, down 0.1% from the previous month.

The employment index was 48.2%, up 0.2% from the previous month, indicating a slight improvement in the employment situation of non manufacturing enterprises. In terms of industries, the construction industry employee index was 52.1%, up 1.8 percentage points from the previous month; The service sector employment index was 47.5%, down 0.1 percentage point from the previous month.

The expected index of business activities was 60.7%, slightly down 0.1% from the previous month, which continued to be in the high boom range, indicating that non manufacturing enterprises are optimistic about market development. In terms of industries, the expected index of business activities in the construction industry was 64.0%, up 0.8 percentage points over the previous month; The expected service business activity index was 60.1%, down 0.3 percentage points from the previous month.

3. Operation of China's comprehensive PMI output index

In July, the comprehensive PMI output index was 52.4%, down 0.5% from the previous month, indicating that the expansion rate of production and operation activities of Chinese enterprises slowed down.